There is a few Australian sites out there that can give you a pretty accurate quote of what it should be, you just put in the details size of rooms etc. I forgot what its called but it has plumbing, electrical and tiling etc shouldn't be to hard to find with a google search. I used it for carpeting rooms and i had a tradie match the price the website gave me. hope this helps
Sorry to hear about your situation. Have you approached your lender about struggling to make repayments? I've heard of some lenders being kind enough to delay repayments. Hope this helps.
Yeah you only need to look at the sinking fund to make sure it has plenty of money. I fell into the trap of buying a strata unit with low sinking fund and then 6 months later they added and extra $200pq into the sinking fund. Its caught up now to the average strata sinking funds but the special levy isn't going anywhere
There is no harm in trying to put in a low offer. What is there to lose? The agent will want to make a sale, no one is going to think less of you for trying to save money and what do you gain a bargain property . Last year I saw a property for sale that was close to being cash flow positive which is what i obviously what i aim to get. I didn't have enough money even close to a depoist and i didn't want to use equity so i offered 24,500k less which i could afford. Agent called me back 40 minutes later with a counter bid at 22,000k less than asking. Put the low offer in, agents get paid to sell property not judge.
Never dealt with them but read Richard Hoskings bio article in YIP magazine a few years ago and it inspired me to be where I'm at now. Guy knows his property very well.
I'd go for a property that needs a little work paint need floorining kitchen etc(minimal outlay 5k or less) add value and increase rent. Great way to lay the foundations for a successful portfolio.
OK I'm going to say it out loud. I contemplated making my own replacement kitchen cupboard doors. By removing the existing doors and tracing around them with MDF or something for the new doors. I didn't ponder it for too long as I soon realised the dwelling needed a full reno anyhow so I did a full gutting and reno. I will be interested to see how many people burst out laughing at the MDF concept and explain to me why it would be inappropriate, because I am no tradie so all knowledge is welcome!
LOL i like your attitude, i try and do everything myself to avoid high fees and allow to spend more on investing. if you ever do it and it works let me know. Yeah i think a cabinet maker might be the go Thanks for the help forumites.
Are you looking at proper units or the managed ones through hotels/motels etc? I remember looking there a few years ago but it was hard to find a unit that wasn't part of a hotel or motel and they have very high management fees.